KKTV - Economy - Headlines

Gov't: Great Recession Bit Less Weak Than Thought

By: AP
By: AP

Here's a small consolation: The Great Recession wasn't quite as horrendous as previously thought.

But it was still pretty horrendous: Updated government estimates from January 2009 through December 2011 show that the downturn remains by far the worst recession since the Great Depression.

And growth since the recession officially ended in June 2009 has been slightly less than previous estimates. Each year in July, the Commerce Department revises the previous three years of data on economic growth.

The changes show the economy shrank 4.7 percent from the start of the recession in December 2007 until it ended three years ago. That's 0.4 percentage point less than the previous estimate of 5.1 percent.

The main reason for the revision: State and local governments spent more in 2009 than initially thought.


KKTV firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKTV 11 News.

If you believe that any of the comments on our site are inappropriate or offensive, please tell us by clicking “Report Abuse” and answering the questions that follow. We will review any reported comments promptly.

powered by Disqus
KKTV 520 E. Colorado Colorado Springs, CO 80903 Office: (719) 634-2844 Fax: (719) 632-0808 News Fax: (719) 634-3741
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 164002716 - kktv.com/a?a=164002716